In April a business records the monthly cost of their annual insurance premium. The entire year’s premium was paid on January 1. In order to properly record this transaction which of the following journal entries are accurate?   Debit Prepaid Insurance, Credit Insurance Expense, Credit Checking Account (Cash) 2. Debit Insurance Expense, Credit Checking Account (Cash)   3. Debit Prepaid Insurance, Debit Insurance Expense, Credit Checking Account (Cash)

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is